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Text of the page (random words):
rimary unit of economic organization the oikos the home based business and now i think i finally figured it out back to the wikipedia article in addition to family members by kinship or marriage slaves or metics foreigners might have lived and worked within the household wealthy households would have had many slaves and metics working for them 3 the oikonomos of the household would have played a role in directing the labor of the slaves and metics a small oikos would have had only a few household slaves known as oiketai 8 of the oiketai the men might have had the responsibility to work in the field in a larger oikos many slaves would be entirely dedicated to agricultural work this is generally considered to be less favorable than work in the house itself the oikos was the household but it was really more like a small business ancient greece was like a society of small businesses and where we have employees working for employers ancient greece had slaves working for the household manager and this for me turns today s wage slave notion into something a bit closer to a valid economic concept wikipedia the oikos was the primary unit of economic organization within the ancient greek world an oikos was expected to be self sufficient in what it produced for itself 9 thinkers such as aristotle considered the self sufficient oikos to be the fundamental indivisible constituent of the polis in order to be a true oikos it had to be entirely self sustaining it what it produced and consumed so aristotle saw successful small business as the fundamental element of the greek society of his time carrying that thought to its logical conclusion for him the economy was of the greatest importance for me also note 9 links to economy greek at oxford research encyclopedias it reads in part greece itself was not a single entity but a congeries of more than a thousand separate communities one should therefore speak of greek economies rather than the greek economy our economy is derived from the ancient greek word oikonomia but this meant originally and usually the management of a private household oikos rather than that of a national economy see household greek see this is a perfect example of defining oikonomia as the management of a private household while giving no indication that the private household was typically the location of some small business and no indication that the head of household was the entrepreneur in charge but they do note the distinction between private household economy and national economy this is the distinction i was trying to emphasize in the previous post regarding individual households versus society as a whole the distinction is an important one because the economics of the private household slash small business in our day is microeconomics and the economics of the national economy is macro i picture society in ancient greece as similar to feudal europe a society of self sufficient manors but smaller and more numerous than manors consisting of households and estates economic thought in both feudal society and ancient greece focused on the small unit the manor or the oikos the primary unit of economic organization that economic thought would have been a version of microeconomics macroeconomic thinking first arose it would seem in 1615 with antoine de montchrestien and his notion of political economy montchrestien demonstrates that this knowledge of human nature can be used to promote the wealth of the people and the power of the monarch the science of commerce in general is thus essentially different from political economy which aims to be a source of inspiration for good government jérôme maucourant in the ambiguous birth of political economy montchrestien vs cantillon where maucourant says good government i would say good policy the conclusion reached in my previous was this the word household is always used when the meaning of oikonomos is given but the guy with that job title managed the household business i picture this as the decisions of one individual directing the business activity of one firm in other words again it is a version of microeconomics political economy on the other hand is macroeconomics and it becomes relevant only when the economic unit is not the personal property of its leader today i reach the same conclusion based on old greek words rather than on thoughts that pop into my head while i m out with the dogs at march 11 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy thursday march 10 2022 a household economy for the polis the economy has been my hobby and my passion since 1977 but i still don t know what political economy means now it has come up though and i have to figure it out from investopedia political economy is an interdisciplinary branch of the social sciences that focuses on the interrelationships among individuals governments and public policy political economy is a branch of social science that studies the relationship that forms between a nation s population and its government when public policy is enacted it is therefore the result of the interaction between politics and the economy and is the basis of the social science discipline political economy may draw upon sociology economics and political science to define how government an economic system and politics influence each other so assuming we trust investopedia on this that s what political economy is today it describes how the economy influences and is influenced by politics and government okay i guess but investopedia doesn t make it real for me there are no specifics you wouldn t even know that money might be involved but they do link to antoine de montchrétien and the birth of political economy at storep this montchrétien guy wrote a book back in 1615 that analyzed how economics and politics are interrelated investopedia says apparently that was the beginning of political economy but i can t find the book online in english so i don t know what i think that guy said this isn t helping me understand the meaning of the term political economy i have to try a different approach based on this bit from the investopedia article the term is probably best ascribed to the french writer and economist antoine de montchrestien he wrote a book called traité de l économie politique in 1615 in which he examined the need for production and wealth to be distributed on an entirely larger scale not in the household as aristotle suggested and this from britannica the term political economy is derived from the greek polis meaning city or state and oikonomos meaning one who manages a household or estate political economy thus can be understood as the study of how a country the public s household is managed or governed i get the impression that in montchrestien s time his version of the word economy still referred to the household economy so he used the term political economy to describe the entirely larger scale economy he had in mind if economy did still mean in 1615 the same as it meant in ancient greece something like household budgeting and it might have as even today we try to economize when we spend money then this montchrestien was apparently the one who developed the idea of the economy as applying not simply to the household but also to society as a whole which is how we think of the economy today how i think of it anyway now i can picture what the term political economy would have meant when it was invented in the 17th century it meant then the same that economics means today i didn t get that impression from the investopedia article i ve known of this ancient greek word oikonomos for a long time it has to do with household management but i was thinking about it while i was out with the dogs the word household is always used when the meaning of oikonomos is given but i doubt it was only used in ancient greece and rome in reference to places where people lived as in the britannica excerpt it referred to a household or estate in ancient times at least as i picture ancient times there was not a lot of factory work most people may have lived where they worked at home or on the estate but either way oikonomos must have mostly meant planning and tracking business revenue and expenses sure a guy that only worked on the estate could do oikonomos for his personal budgeting at home after work that might have been part of it sure if this is correct then oikonomos included budgeting andor accounting as needed for consumers and businesses both if the government also had the oikonomos and they must have i would think then in all sectors of the economy there was oikonomos now it makes sense to me but let me make a distinction between the oikonomos of government and the political economy of government i read the other day that the income of the roman empire was the personal income of the emperor the empire was his magnificent estate his accounting was oikonomos political economy is horse of a different color one that becomes relevant when the nation is not the personal property of its leader at march 10 2022 no comments email this blogthis share to x share to facebook share to pinterest labels what is political economy monday march 7 2022 pointing out the financialization of 1820 1850 from blackwood s edinburgh magazine of february 1851 at project gutenberg for thirty years past it has been the uniform policy of the british government directed by the pressure of the money power and the influence of realised capital to augment the value of realised wealth by enhancing its price and cheapening everything else to effect this gold was first selected as the standard because it was the most valuable of the precious metals and as its price had for a long course of years been slowly but steadily advancing it was thought with reason that the assumption of it as the standard could not fail to enhance the value of realised capital of every kind by cheapening the money price of all the articles in which every one else dealt next small notes were extinguished because they formed a currency commensurate to the wants of the nation and consequently their abundance tended to raise prices then the issue of notes beyond 32 000 000 in the whole empire was made to depend on an amount of gold coin corresponding to the notes issued being in the coffers of the banks issuing in other words the currency beyond that limited amount not half of what the nation required was made entirely metallic free trade was next introduced in order still further to augment the value of realised wealth by taking a fourth from the price of every commodity which it might purchase and consequently depressing to a similar extent the remuneration of productive industry all this was rested on the plausible plea of maintaining a fixed and unchangeable standard of value and preventing monetary crises by having no circulation except what was based on the most precious of the precious metals at march 07 2022 no comments email this blogthis share to x share to facebook share to pinterest labels financialization in the 19th century saturday march 5 2022 the cost of public construction from chapter 9 of free to choose by milton and rose friedman starting at the bottom of page 267 financing government spending by increasing the quantity of money looks like magic like getting something for nothing the workers who build the road get their pay and can buy food clothing and housing with it nobody has paid higher taxes yet there is now a road where there was none before who has paid for it the short answer is supply creates its own demand or alternatively the more men can produce the more they will purchase friedman goes with the long answer the answer is that all holders of money have paid for the road the extra money raises prices when it is used to induce the workers to build the road instead of engage in some other productive activity those higher prices are maintained as the extra money circulates one word from friedman s answer troubles me instead they write the extra money raises prices when it is used to induce the workers to build the road instead of engage in some other productive activity if instead they had written to build the road in addition to other productive activity they would be describing the increase of output rather than the increase of prices friedman s famous graphs show the price level increasing on a path similar to the money relative to output mrto ratio given that calculation if money increases then prices go up but if output increases then prices go down the increase in output which you would expect if more people are working undermines friedman s argument that the extra money raises prices to make his argument work friedman has to assume there is no increase of output so he says the workers build the road instead it s a little bit true friedman s argument and a little bit bullshit in the real world at least in the us for most of the period after wwii and before the 2008 financial crisis government spending on public construction was a plan to put additional people to work it was never a plan to have people set aside productive work and do government work instead at march 05 2022 no comments email this blogthis share to x share to facebook share to pinterest friday march 4 2022 the cessation of public construction from the alan samuel essay in ancient economic thought pdf page 224 the frankish leaders were not hostile to the cities and towns as institutions but they did not in any way fulfill themselves through them and royal inattention turned out to be a neglect of which the effects were not so benign the cessation of public construction brought an end to the infusions of cash for materials and labor which represented an important source of income for urban dwellers in an economy which did not generate much money from town industry and commerce keynes at the end of chapter 10 writes ancient egypt was doubly fortunate and doubtless owed to this its fabled wealth in that it possessed two activities namely pyramid building as well as the search for the precious metals the fruits of which since they could not serve the needs of man by being consumed did not stale with abundance the middle ages built cathedrals and sang dirges two pyramids two masses for the dead are twice as good as one but not so two railways from london to york at march 04 2022 3 comments email this blogthis share to x share to facebook share to pinterest wednesday march 2 2022 is it ideas or economics or ideas and economics max our 110 pound puppy was restless i let him out i turned around and there was lexi our canine middle child giving me a look that said hey i want to go out too but lexi doesn t want to go out by herself she wants me to go with her she talked me into it and then there s mish our oldest i asked her do you want to go out she looked me straight in the eye and licked her lips in our house that s universal language for i...
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